I solved the problem:
1. Create an empty page. You need only fill the title of that page. For example you can use "Blog".
2. Go to Settings/Reading
3. In "Front page displays" check "A static page"
4. Select the home in "Front page"
5. Select the page crated earlier in "Posts page".
6. Create a link in the menu to your page or use "wp_list_pages"

works on version 2.6! thanks for that as I was having real problems making it so that the blog is not the first page of the site. now it is easy to have an 'about us' front page and a blog page else where.